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EVLV stock declined 13.71% After-Hours, Here’s why

Evolv Technologies Holdings, Inc. (EVLV) stock plummeted 13.71% in the after-market trading session at the price of $2.58 after announcing its earnings report for Q4 and the year 2021.

EVLV is a leading provider of weapon detectors for safety purposes to secure the world’s iconic platforms and organizations. The company facilitates a pleasing experience and safety for the venues. It has focused on building a secure world by innovating physical protection.

EVLV Q4 2021 Financial Highlights

On 14th March 2022, EVLV published its financial results for Q4 and the year ended 31st December 2021. The company has also delivered its outlook for the year 2022.

Revenues totaled US$6.8M for Q4 of 2021. It represents a 236 percent gain from US$2.0M for Q4 of the prior year. The company has a net income of US$2.5M, or per share of US$0.02, for the Q4 of 2021. Net loss was US$9.6M, or per share of US$1.06, for Q4 of the previous year. As of 31st December 2021, EVLV had cash and cash equivalents of roughly US$307.5M. Cash and cash equivalents totaled US$4.7M on 31st December 2020.

EVLV Year 2021 Earnings Report

EVLV calculated revenue of US$23.7M for the year 2021. It represents a surge of 395 percent from US$4.8M in 2020. For the year 2021, the company has a net loss of US$10.9M, or per share of US$0.15. Net loss was US$27.4M, or per share of US$3.07, for the previous year.

Management Comments

CEO of EVLV, Peter George, remarked that they are delighted to publish robust Q4 results. The earnings report underscored the consistent velocity of their go-to-market approach and the launch of demand-driven offerings.

George added that looking forward, they will focus on more prospects to leverage their solutions by providing safety for venues and facilities in the target markets. They believe that the company is well-positioned and motivated to expand its leadership rank in the rapidly evolving market for weapons detection.

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